Erdogan, Meloni announce $40B trade target following Türkiye-Italy summit

President Recep Tayyip Erdogan arrived in Italy on Tuesday for the fourth Türkiye-Italy Intergovernmental Summit. He was formally welcomed by Prime Minister Giorgia Meloni at Villa Pamphili in Rome.

Following the signing of various agreements, the two leaders addressed the media during a press conference, announcing a new trade target of $40 billion and highlighting positive trends in bilateral investments.

Bilateral meeting between leaders

At Villa Pamphili, Prime Minister Meloni greeted President Erdogan and they shared a moment with the press. Following this, the two leaders held a closed-door meeting with their respective delegations.

After the private talks, the Turkish and Italian governments signed several agreements. The leaders then addressed the media, sharing the results of their discussions and outlining the main outcomes.

Meloni expressed her pleasure in hosting Erdogan in Italy, highlighting the productive discussions between the two leaders. She noted that the two countries have identified numerous areas of cooperation and mutual benefit.

Meloni also emphasized the success in surpassing their trade target five years ahead of schedule, setting a new goal of increasing their bilateral trade volume to $40 billion. She mentioned that Turkish companies are eager to expand their investments in Italy, and plans are underway to establish a joint mechanism based in Italy.

Additionally, Meloni highlighted that the two nations have taken steps to jointly address migration issues.

President Erdogan commends strengthening of Türkiye-Italy ties

President Erdogan expressed his gratitude for the warm reception and productive talks with Prime Minister Meloni. He emphasized the positive trajectory of the relationship between Türkiye and Italy, two important NATO allies.

Erdogan attributed the growing partnership to both countries’ shared history and Meloni’s strong and decisive leadership. He also noted that the alignment between Türkiye and Italy on key global issues continues to strengthen.

Setting a new trade target: $40 billion

Erdogan acknowledged that Italy ranks among Türkiye’s top five trading partners. He pointed out that the commercial ties across various sectors have surpassed the targets set in 2022. He further highlighted the positive trends in mutual investments between the two countries and confirmed the new trade target of $40 billion.

Erdogan mentioned that business leaders from both nations would meet later at a business forum to continue advancing economic cooperation.

In addition to trade, Erdogan reiterated Türkiye’s commitment to continued cooperation with Italy on addressing irregular migration.

The two leaders also discussed issues such as visa policies, culture, and education. Furthermore, they agreed to jointly host the 2032 UEFA European Championship, with their respective ministers already engaging in consultations on this matter.

Support for EU membership and addressing regional challenges

President Erdogan expressed confidence that Italy would continue its strong support for Türkiye’s European Union accession process, a stance Italy has consistently held. He also reaffirmed Türkiye’s unwavering support for Ukraine’s territorial integrity in the face of ongoing conflicts.

Regarding the humanitarian crisis in Gaza, Erdogan stressed the priority of achieving an immediate ceasefire, condemning Israel’s actions as inhumane. Finally, both leaders discussed Italy’s constructive role in Syria, agreeing that Türkiye and Italy’s collaboration will be crucial in the region’s reconstruction process.